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20121202
20121210
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CNBC
Dec 3, 2012 3:00pm EST
the election. i've got the political upper hand here. i need more than where we were in 2011 because we had a whole election in 2012 focused on almost exactly this issue. the white house thinks they have the political upper hand here. this response is boehner saying, not so fast, mr. president. >> in terms of -- i know you don't have details on the medicare. are there any details on where the revenue comes from? in terms of exemptions and loopholes? do we know if all the exemptions and loopholes are taken off the table? for example, if mortgage and charity is still there? >> we just have detail describing this as revenue through tax reform. presumably there would be some changes to the revenue code that would get you the $600 billion -- i'm sorry, $800 billion in additional revenue the speaker is talking about here. where he gets that from, we'll have to get that answer from the speaker's office. you can imagine right now their phone lines are scrammed and operators are not standing by. >> thanks. you have to start somewhere. >> let's get reaction. s & p capital, jeff cox at cnbc headquarte
CNBC
Dec 3, 2012 4:00am EST
.60 as we wait for the pmis. the most searched terms apparently of 2012 were the u.s. election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let us thouknow. worldwide at cnkrchlt nbcnbc.co. >>> starbucks is changing the way it pays taxes in the uk this after harsh criticism of tax avoidance from the british government. more when we come back. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> words of caution from the bank of japan chief at forum in tokyo. the governor said central bankers need to take a long term policy perspective if they want sustainable g
CNBC
Dec 7, 2012 7:00pm EST
's strategy since the election has been to break republican resistance on two issues. one is tax rates and one is an increase in the debt limit. he hasn't succeeded or budged off that attempt so far which is why john boehner came out in a news conference today and slammed the white house for not being willing to compromise. >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there's been no counter offer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow walk or economy right to the edge of the fiscal cliff. >> a few hours later you had a slight indication of flexibility from the administration. vice president joe biden was out. he reiterated those two nonnegotiable demands on the part of the administration but said the actual amount of that top rate doesn't necessarily have to be 39.6. >> there are two irreducible minimum requirements. one, the top brackets have to go up. this is not a niabl issue. the second thing is, we have to have a mechanism to stop the brinksm
CNBC
Dec 4, 2012 9:00am EST
this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york state's senior senator. we'll see. you know, there are those who believe if you want deficit reduction and are serious about it, we have one way to get there and it's called the fiscal cliff and will send us into recession but we may get deficit reduction but others believe we won't get spending cuts that we need. more will take place in defense which many argue does need to happen perhaps though not in the same way it does.
CNBC
Dec 7, 2012 4:00am EST
going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an idea, though, of where berlusconi stands and what the situation is like within that central right next. the pdl has made it clear that there is a serious disagreement within the party. they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are concerns. the minute you touch this jittery topic of the politics here in italy, the market gets very, very concerned. so what has come out officially by the president of italy is that he's officially not calling a consultat
CNBC
Dec 3, 2012 7:00pm EST
well and they think the president won re-election for a reason. the speaker said this was a status quo election and the republicans still control the house of representatives. >> eamon javers thanks very much. let's talk some more about this republican counter offer and the white house reaction. we have democratic strategist-- okay. steve, i go to you because i read the white house reaction to this, and really all they talked about was raising the top tax rates. they had no other things to say, no commendations, no i want to work with you. steve, i know this stuff is not going to be perfect. there's going to be stuff in here that conservatives, supply siders myself won't like. but why does the white house have to obsess about higher tax rates to the exclusion of other parts like entitlement reform and spending cuts? why is this? >> larry, i don't think they are obsessed with higher tax rates they are obsessed with protecting the middle class. john boehner's proposal includes $800 billion in revenue but doesn't specific where it comes from. barack obama has been specific in his plan and
CNBC
Dec 5, 2012 1:00pm EST
in that statement, tyler, is the president's feeling that he's got the upper hand having won the election and also that many in the financial community, the business community, are very sympathetic to the argument that he was making just on that point on the debt limit. >> john harwood, thank you very much. with lawmakers now leaving capitol hill to start a long weekend, what's the likelihood that a divided congress can get a deal on the fiscal cliff before we hit it. represents tim walls is a democrat from minnesota who filed a petition yesterday to force a vote on extending tax cuts for the middle class. congressman, good to have you with us. >> thanks for having me. >> i have to say that the optic beioptics of congressman leaving the capitol right now for another long weekend is extraordinary poor. it is disappointing and to many it is outraging. what do you say? >> i think it is outrageous. i couldn't agree with you more on that. these are good folks. each one of us was elected to represent 650,000 people. i heard it -- i think everyone of the other floor members heard it -- they're tired of t
CNBC
Dec 6, 2012 7:00pm EST
and that's one reason he's going. he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we have a pretty good caucus now. there's a real strong jim demint influence in our caucus. >> great stuff. senator rand paul, kentucky, thank you sir. all the best. >> thank you. >>> so besides praising jim demint, senator rand paul said something very interesting. he said he will not vote for a filibuster. he said, let larry reid, no filibust filibuster, 51 vote, simple majority and then he will vote no and let the democrats have the onus of the big tax hike. quite interesting. now here's a political threat. is the republicans at risk of becoming the party of the rich while p
CNBC
Dec 4, 2012 4:00am EST
. one, there's always political risk. in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea of the risk on phrase, certainly for --
CNBC
Dec 5, 2012 6:00am EST
talking about every morning here since the election. fiscal cliff, big, big issue. there are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. how big of a problem would that be? >> that would be a big problem. i actually still believe that those -- the democrats, the administration, republicans in the final analysis don't want to see that happen. they do understand that not only would that present a problem in the near term as we went over the cliff at the end of the year, but we still then have the whole debt ceiling fight that would transpire shortly into the new year. the issue isn't simply the negative result of going over the cliff, but it's also that business, consumers, everybody continues to hold back on the uncertainty. and we believe the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at some point, the preside
CNBC
Dec 6, 2012 9:00am EST
they would want to sell it. >> revenues light as well. they are claiming not only the election, not only the cliff, but broad economic concern, traffic levels coming down on this. >> this is a very well run company that has missed and made and beaten, you can see the chart, missed, made, missed, made. this is not for strond. nordstrom. >> this week on twitter, they realize people are done playing with fake money they want to go to real money. >> they're looking for a gaming license. and i'm going to ask all of you, will this be the conversation, senator, if you would like, my final offer is this, this is zynga talking to garry. will that be a discussion between pinkas and the senator from nevada? >> you're hoping. >> that's the godfather ii, verbatim. that's what they need. zynga needs that gaming license. he needs a fee to be paid by the senator personally in order to make the quarter. david fiction, reality? >> your hope is that, exactly. >> senator geary. >> reality mirrors fiction. >> i think fiction is much better than reality because it's rational. is there a plaque, is there nick
CNBC
Dec 3, 2012 6:00pm EST
the president won re-election, it does feel like the two sides are talking, but they appear to be talking past each other. the clock is ticking in washington. ticking against a dealing. i think the two sides seem to hate each other more than ever. i don't now, it seems like the last 72 hours i was hoping it was going to get better and it seems like it got worse. i spent a ton of time this weekend hanging with old college chum, grover norquist. he's as certain as ever that republicans who have impure thoughts about violating his no new tax pledge will be targeted at the primary level by tea party members. i'm taking this masterful behind-the-scenes player at his word that he controls almost all the republicans. because almost all of them signed his oath. so a deal could be tough. plus i'm now calling for no vacation without legislation. no vacation without legislation. because the holidays are slated to begin in a couple of weeks. which doesn't give enough time to get the job done. so you have one side that ins t insisting on tax increases, and then you have the other side which has pledged no
CNBC
Dec 5, 2012 3:00pm EST
, the profitability, the stock price and all that. an elected official has to let his or her constituency know that they're on the case and can only do that publicly. going behind closed doors doesn't show them they're making the case their constituents want to have made. >> you're probably better off negotiating a deal, coming out with strong terms, and taking it to the board. in this case, it would be like the party kau scaucuses. then selling it to your shareholders, in this case the electorate. i think you're better off coming out with a firm deal first. all the specifics get consumed by politics and egos and messaging. the substance gets lost. >> but the problem is, you know -- i don't know. i have a problem, you know, comparing this to an mna transaction. this is a deal that needs to happen for the economy to move forward. yeah, maybe an mna transaction giv gives growth to one company and makes profitability better. this is a lot more important than doing an mna transaction. this is about people's lives. frankly, people want answers. i think the time for hiding everything under a rock is
CNBC
Dec 4, 2012 7:00pm EST
from the elections that shows people are fine with taxes going up on the top 2%. this is part of why the deal from john boehner was a non starter. he said how about deduction caps so you have lots of taxes. is he in trouble with his right wing? >> yes, he is. they have purged the scam. you said it. spending cuts. they are talking about $350 billion. what matters here is the numbers. we can't afford this. we have $16 trillion in debt. we have $87 trillion in unfunded highbilities those are promises that are made that we have to keep. >> guys, this is part of what is interesting about this conversation. when you hear the speaker talking about the loop holes that is the same rhetoric that we heard from mit romney. >> they are using the stuff that is done in the budget control last year. >> those are terrible talking points. >> let me say this point. >> hang on a second. i want to go to guy benson on another point. there is a lot of talk that the republicans might have a doom's day scenario. if there is a budget stalemate, then the republicans will allow a vote on the house floor which i
CNBC
Dec 6, 2012 4:00am EST
of a presidential election and we have one on the 19th of this month. market consensus is that the bank of korea will cut key rates again in the first half of next year to perk up the economy. and in reaction to this, the korean yuan weakened against the dollar and many traders stayed on the sidelines while keeping an eye out for the possible intervention. the yuan that's gained about 9% since may is worrying to korean officials here since the economy is very much driven by its exports. ross, back to you. >> joining us for more, strategist at bnp paribas. so, look, growth came in at more than three year low. what happens to the korean yuan now? >> well, it has been quite well supported, but it hasn't been able to put the mark against the u.s. dollar. bok is worried that the yuan is a little too strong against the yen. so i think it's interception that stopped the yuan from appreciating. the macro drivers be it strong fundamentals, relatively high yielding currency, that still i think puts it in fairly good light of appreciation. >> japanese government bpds, ten year futures at a record high. med
CNBC
Dec 3, 2012 9:00am EST
for years. >> even though democrats won the presidential election? doesn't that change the calculus? >> he would say these people are all safe seats if they don't get against the pledge. norquist has the division so to speak. he could destroy any republican who says the word tax increase. has he said -- he said if they're seduced by democrats in pure thoughts this is the so-called i can smell pornography when i see it. this is pornography for grover norquist. he can smell it when he sees it. he will target. he will destroy republicans who go against the pledge. he's much more powerful than any individual republican. and individual ceo. let's just face it. i've always felt he was the most powerful person in the class of '76 at harvard. enjoyed his success because he was a fellow member of the harvard crimson. i just disagree with him. terrific guy. >> with friends like that -- >> with all due respect to my ex-partner larry kudlow with all due respect. >> the treasury secretary talks about how he does not think that in the end the gop is going to prevent tax rates on the wealthiest from risi
CNBC
Dec 7, 2012 9:00am EST
, people were saying you got to incorporate poll workers for the election. you had holiday hiring. you had sandy. i mean, it may be -- the journal argued it's the least important jobs number in five years. >> i saw that. i do think one thing we can certainly say given that china seems to be stabilizing a bit, we can all discuss europe. greek situation. maybe it's off the front pages for a while. and so if we assume that the jobs picture in the u.s. is not bad, let's assume not bad, it puts even more of a focus on the fiscal cliff negotiations because it becomes even more binding one would assume in terms of good or bad for the market, for the economy. >> kernen had a good point. does strength mean the economy could handle a cliff or is it so good you wouldn't want to tamper -- >> if i wanted to create a recession, what would i do? i would raise everybody's rates. i would cut the unemployment benefit. just trying to think of a theory of how i could cause a recession. i would cut back government spending quickly. >> i would raise interest rates to 20%. >> bernanke ought to join the -- look,
CNBC
Dec 7, 2012 6:00pm EST
think it continues to have a breakout ahead of elections. >> watch the pivot point and aussie. >> that is it for us here at "money in motion." your next chance for a trade sunday afternoon. cnbc. have a great weekend. >>> i'm jim cramer, and welcome to my world. >> you need to get in the game. >> firms are going to go out of business, and he's nuts! they're nuts! they know nothing! >> i always like to say there's a bull market somewhere and i -- >> "mad money." you can't afford to miss it. >>> hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to help you save some money. my job is not just to entertain you but i'm trying to educate and teach you. call me. 1-800-743-cnbc. you want to get a sense of just how important this -- i hate to even say it anymore -- fiscal cliff is? today we got an incredible employment report from the labor department. with 146,000 new jobs. i was looking for 90,000. the unemployment rate dropping to 7.7. i thought it might be 8%. and all this despite the effects of hurricane sandy. who kn
CNBC
Dec 5, 2012 4:00am EST
, where election timing may spell budget delays. we have the story from tokyo. >> the election campaign has officially kicked off in japan, but there are worries the budget is not likely to be ready pi the end of this year. they will likely call a special session to elect a new prime minister, then select a cabinet before moving on to budget matters. once they reconvene in january, the new government would likely pass the supplementary budget first before submitting its fiscal 2013 plan in february. so a senior lawmaker predicts that the fiscal 2013 budget will not actually pass until mid may. that's more than a month into the new fiscal year. and if the government can't get the job done by the end of march, a provisional budget will be needed. opinion polls show the gap between the ldp and the ruling democratic party has been narrowing. that means if the ldp can't get their majority, these bills could be delayed even more. back to you, ross. >> all right, thanks for that. that's the late fres the nikkei. still to come, the business of entertainment in asia, it's big. going to get even
CNBC
Dec 3, 2012 6:00am EST
? there was an election. >> that was not a serious offer that was made. >> well, it was an offer and the republicans haven't made a serious or nonserious offer, joe. >> you've got to go through the house. where is the house plan? >> well, i don't know. but that's -- >> stay tuned. >> our guest hosts will be with us for the rest of the program. up next, we'll talk about monday morning markets. goldman sachs jim o'neill is our special guest. find out if europe or the fiscal cliff is keeping him up at night. >>> later, food for thought. our how dominos is handling economic conditions and their plans to hire for the holiday season. >>> do you think this group of people will find some common sense solution? >> yeah, i think they will. i'm not sure thooes they'll do it by december 1st. >> we know a lot about the opportunities are if they don't. >> in private, in my view, he'll get to something. >> we encourage congress to put aside the political rhetoric and rise above it to make sure we have revenue >>> welcome back, everybody. let's get a sense of where the market is heading in 2013. joining us right now is j
CNBC
Dec 4, 2012 6:00am EST
. they can't govern either. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of president obama's likely pick to follow tim geithner at treasury. we talked about how buffett threw out jamie dimon's name. here is what moynihan thinks about that idea. >> i won't give individual names, but i think what warren is expressing a view which i agree with is that we need to have very bright, very talented and very broad experience
CNBC
Dec 3, 2012 1:00pm EST
talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but it is possible it could and the president believes having won the election he's on the high side. >> 2:00 on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable sort of angle. here's the one possibility that i h
CNBC
Dec 4, 2012 12:00pm EST
about but, instead, just check out this chart. at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit taking because we're up 9% on the year. traders are worried that some deal with the fiscal cliff will call for higher capital-gains taxes so traders are getting out of their gold positions before that might take effect. >> so profit taking, meantime, rich, what is dipping below the $1,700 mark mean? is that really the right level to be watching? >> well, we gave you the level $ $ $1,706. you're looking at $1,672. every trader will tell you it is a big level here, a close below that and there's more pain. in fact, let's watch today's close, in one hour, if we cl
CNBC
Dec 7, 2012 6:00am EST
answer, but in a minute. let me get to the big concern. the entire conversation since the election has been litigating gone squaquarter of the preside own architecture. all we're talking about is revenue, revenues, revenues. the white house has been absolutely silent on 75% of their own described remedy and that is where are the cuts. now, secretary geithner comes to capitol hill and with a straight face says we need to spend more money. we need more stimulus spending. look, i come from the state of illinois which is an example of what not to do. the state had the same underlying problems, that is runaway spending problems, and they came up with the wrong solution. raise taxes, don't deal with the underlying problem, chase an entrepreneurial class out. $7 billion in unpaid bills and higher average unemployment rate. it is a system for failure. so what's happening with my neighbors in illinois, and these are the people that are minkd their own business, not paying attention to all this stuff, all of a sudden they're looking up and saying why is it more expensive for my child to go to th
CNBC
Dec 2, 2012 7:30pm EST
called belief. all due respect to our elected officials, there was a fellow named la guardia, who during world war ii entered new york city as the mayor. one of the top three mayors in the united states of america, he went in when there was business problems. there were deficits, unemployment, just like it was today, horrible. but he made a statement that changed everything. it was this. i'm going to keep my promises and if i don't keep my promises, get me the hell out of there. we want to see more politician do this. make all these promises and don't follow through. if they did that, i have a thing called accountabilitycampaign.com where you say what your promises are. and add a small paragraph, i will do it my first year, start it my first year and tell you why i couldn't or resign. >> so you can with the accountability campaign you want to encourage transparency. >> full transparency and accountability. if my ceos or i myself didn't do what i promised or delivered i shouldn't have my job. get me out of there. la guardia did that. he reacted and had results within six months his result
CNBC
Dec 3, 2012 5:00pm EST
then we are really worried about it is the earnings cliff. before we got really wrapped up in the election we were wringing our hands on how the earnings season was not coming out very well. i think when we start paying attention to earnings again it will be a problem. >> coming up next is dell really a buy? our traders will make the call on whether this beaten down tech stock is back from the brink. it could be called the ultimate fiscal cliff trade. find out which investment americans are pouring into. much more straight ahead. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors wh
CNBC
Dec 4, 2012 5:00pm EST
with the inevitable election of president kardashian. >> the policies coming out of that administration may be better than the ones right now. >> that was hash tag smooth on that political rant. >> personal hygiene. lindsay lohan bounce. >> you don't have to worry about personal hygiene. don't shower that morning. what is the difference. >> die smelly? >> you guys have a loincloth around the house? >> i hope guy does practice personal hygiene until the 20th. >> exactly. >> jane, good to see you. jane wells joining us from the west coast. next on fast is the smart phone revolution just getting started? the most closely watched is making a bold prediction and getting a lot of play on twitter. we have your tweets next. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. i have obligations. cute t
CNBC
Dec 5, 2012 9:00am EST
to the sixth which happens to be the election on tens, you will notice -- this is weird. this is a 21st session that we're going to be looking to close in a range between 158 and is 169. we were at the 175 mark. that was really a changing moment for treasuries. if you open the chart up to a 20-year chart, maybe sometimes some out there forget exactly how low these yields are. look at that 20-year chart. contrast it with s&p 500 chart. what a difference. obviously the feds program to push people to risk in some ways is working but in ways it's not working. look at flows. it's in treasuries. not in the equities. now if we look at the euro, let's look at euro from year-to-date. doesn't look bad. about month and a half high. let's go back to 2000. doesn't look nearly as good. the winning chart on perspective perspective is dollar/yen. look at that year-to-date. it looks like it's really going to explode. if you look at a 20-year chart, we're just dancing around the bottom. jim cramer, back to you. >> drives me crazy that i can't figure that out. let's check out the latest news in energy and metals.
CNBC
Dec 4, 2012 3:00pm EST
in real estate. >> we all know it was a very hotly contested presidential election, and of course your dad, donald, has been on our program a lot. he was a big supporter of romney. there were stories going around that you said, dad, pull it back a bit. you don't have to be so negative on the president. is that what happened? >> it was fascinating because this was a widely circulated report that was without fact at all, and not one reporter actually called and asked the question you just did, which is, is that true? no, it wasn't. my father has been a very important part of the dialogue. he's been saying a lot of things that other people, you know, not wanting to be in a space where they're talking about politics, they don't see it as advantageous. they're not really speaking their minds. it would not be my place to tell him to tone anything down. >> are you worried about the fiscal cliff? how is business going? you're an entrepreneur in your own right. i want to talk to you about business, but how you preparing for the cliff? >> well, there's no way one can be preparing. you have to be thi
CNBC
Dec 4, 2012 4:00pm EST
the election, we are now in deal mode. i have to tell you, we're going to have a stellar year. it's going to be at a price. the price is going to be -- january is probably going to be much worse than predicted. february, march, et cetera. we're borrowing for the future, yet again. >> that's a really good point. is this just a short-term thing? next year in 2013, once we see cap gains taxes go much higher, which they probably will, do things slow down again? >> oh, yeah. i think it will slow down again. i think people will hunker down, particularly are the whole fiscal cliff story hanging. even if it goes over, which i predict it will -- >> so do i. >> diana, what are you seeing? >> in the high ends where dolly works, of course it's going to have a big effect. let's keep this in perspective when we look at the housing recovery. homes price ed over $1 million were just 1.7% of sales in october. this is a minuscule amount when you look at the overall housing market and the recovery. that's why we're not seeing prices come down. also, remember the high end was hit the hardest in the housing c
CNBC
Dec 5, 2012 4:00pm EST
at being able to hide the net impact of his plan and ride this general good feeling of his election. it's not a healthy situation politically. we've got to do the right thing for the country. >> all right, senator. i was really struck by how easily he said -- steve said, look, if we don't get higher taxes we go over the cliff? absolutely. good to have you on the program. >> we want to avoid that. every republican is firmly convinced we should not go over this cliff and should be avoided. >> exactly. thank you, senator. see you soon. we'll certainly come back to you as the story develops. we get more reaction right now from maya mcginness. she's been rallying up ceos across the country to get involved in this and get heard. maya, nice to see you again. thanks for joining us. >> nice to see you. >> give me your ae reaction to geithner interview. >> i think i had the same reaction you did. we were tossing around going over the cliff in a way that makes me nervous. as the clock is ticking and we're getting closer to the end of december, i think we all wish we were closer to being confident
CNBC
Dec 5, 2012 5:00pm EST
what it believes to be a stronger hand here essentially coming off the election, melissa, they think they have the power here and also the polls are in their favor. we'll talk about that tomorrow when we talk about the cnbc all america survey. >> steve, thanks for that interview. exclusive with secretary geithner. let's pop and drop. canadian pacific railway up 4%. >> we didn't talk about this railroad but we talked about some of the railroads that might benefit from the strike. this is not a factor from that. the railroads are rallying. >> got a pop here for the ishares china 2025. jim? >> china broke out. a lot of people looking for ways to expose it. the china ftse. this is a place i think we're goings higher. >> gnat gas up 4%. >> got a beth of a boost. also from companies wanting to get a little more gassy. >> oh. >> well, they are. they want to get some of this natural gas offshore and i still like it. >> grasso? >> i bought mc, i bought ac steel and i bought big steel, leonard x. i've already sold all three. i've clipped my profit. i'm done for now. if the global economy is do
CNBC
Dec 5, 2012 6:00pm EST
for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the whole company, but darn it all, hey, see you later, sport, i'm taking a vacation. i'm out of here! not only do i advocate no vacation without legislation, i want to know, a new one for you. a litmus test. i want to know which of these bitter politicians have tickets in their pockets to fly out of washington next week. i'm not kidding. i think we should ask each politician we int
CNBC
Dec 5, 2012 7:00pm EST
-americans voted for president obama in this last election. what do you make of that? what does that tell you? >> well, the first thing we have to start looking at is what it's going to take for us to get the respect of both parties, and that comes down to us being a people that are principled over anything else. we have 95% of any race that would vote for a person or party, it kind of helps them to be taken for granted. at this point, what does the democratic party have to do to win our vote? actually, just be around. so it's time for us as a people to start putting our principles first. i think we should be ashamed of ourselves in certain areas, those who decided that the education is so important to them, they have a passion for it. why would you vote for a person who decides the union is much more important for them. >> in other words, school choice. i'm going to read from the notes. you tell me if i'm wrong. but this is tough stuff. you say in your notes, obama is the most aggressive anti-black policymaker in modern history. that's tough stuff. i hope i have it right. if i do, sir, what
CNBC
Dec 6, 2012 3:00pm EST
sectors doing far better than where they were on election. >> that's true. you know what? we've been so focused on the fiscal cliff, we haven't thought about the jobs number coming out tomorrow. what do you expect? >> i expect it to be nothing that's going to
CNBC
Dec 6, 2012 4:00pm EST
the needle just yet. i doubt our elected officials would be brazen enough to leave washington without an agreement? this is my hunch. if, and that is an if we are going to see a deal, i suspect it'll come in the next two weeks. if we know anything about d.c. lawmakers, their time off may be more of a sacred cow than the belief on tax and spending. if i'm right, it's too bad that their own self-interests motivate them more. >>> before we look the a the day on wall street. and it was a quiet day. at the end of the day, we did see the markets get a good lift up about 40 points on the industrial average. nasdaq composite picked up 15 1/2 points. and the s&p tonight gain of 4.5% points, check out apple today, we did see a bit of a rebound after the big selloff yesterday. apple continues to trade higher in realtime, up 1.5% on apple at
CNBC
Dec 6, 2012 5:00pm EST
money" begins right now. >>> it's all we've heard about since the election. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> but why doesn't the market care? let's find out right now. >>> live from the nasdaq market site in new york city's time square, i'm melissa lee. here are tonight's top three trades. solving the apple mystery. want to know what's behind apple's troubles this week? we here at "fast" have gotten to the bottom of the selloff. we'll tell you what it means. plus, freeport fizzles. the fine print on why the company's two big buys are raising big red flags. >>> and nat gas revolution, the government says exporting nat gas could be a game changer for america's economy, but at what cost? we'll take a deeper dive to find some answers. but first, our top story tonight. >>> everyone cares about the fiscal cliff, except, seemingly, the markets. just 25 days until the year end deadline and still no deal out of washington. still stocks quietly climb higher. the dow closing today at a one-month high. what gives? just an assumption that a deal -- >> it almost
CNBC
Dec 7, 2012 4:00pm EST
. we still have a lot of issues in europe. andrea merkel has to get elected in the second half of next year. that's going to make it difficult for any pro-growth solutions to appear in europe. i think, frankly, i'm not that confident that the market hasn't already positively priced in a fiscal cliff resolution. i think the first half is like a bungee jump. >> so dan, cut through all of that, right. if we could put aside trying to forecast where the s&p is going to be, where the dow is going to be, regardless of where the markets in general are going to be, i believe you have stock picks for us. name what they are and will they be able to perform regardless of the macro environment? >> all right. we are focused on. companies that can grow regardless of what happens in the economy. three stocks we like, one is denbury resources. what's interesting about them is they have hedged their forward sales of oil so the lowest they're going to receive is $80 next year. at those rates, they're going to be a very profitable company. it's a very inexpensive stock. we like that. it's a u.s. oil produ
CNBC
Dec 7, 2012 11:00pm EST
the elected obama and the unelected norquist crossfire. there's not a lot of room to maneuver in that space. tuesday we've got two big investor meetings. first there's dell world. dell world? i like kirby's fourth world. there's dell world. is the risk taken out of this one now? it's down so low. or does it even matter? deleveraged buyout as goldman hinted in its sell-buy research upgrade this week? second, there's a -- how many times can you tell us that monster drinks aren't any worse and may actually be better than a cup of joe from starbucks? let us count the ways that this analyst meeting slash lovefest, they will tell you that there's no better way to preserve your heart than to drink a taste of monster every morning. now, analysts will be plenty hopped up when they come out of this meeting because they'll be recommending this stock in high-speed fashion. next on wednesday we're going to get the results from joy global. here's the company that has the best read on chinese growth of all the companies i follow. in fact, joy global called the bottom in the slide over there by analyzing d
CNBC
Dec 6, 2012 6:00am EST
the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if the coin flip comes up. so i think that eat big problem right now. >> i initially read the "new york times" piece about boehner gaining some backing of the house. it's basically saying the guys that wouldn't have gone along with them before in caving are now ready to careful with them. so it's like the same article. >> i think it's 50/50 that we don't get that. i'm not exactly sure that the president doesn't think that if we question over the cliff, that he can blame that on republicans. and then try to fix it next year. but from a position of money. >> secretary geithner said they're ready to go over the cliff. >> and i think that they are. and it's really up to republicans to
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